SharpLink Gaming Acquires Nearly $49 Million in Ethereum

TLDR

• SharpLink now holds over 270,000 ETH, valued at $648 million.
• Purchase included 10,000 ETH from the Ethereum Foundation at $2,572.37 each.
• This is the largest ETH accumulation by a public company.

SharpLink Gaming, Inc., a Nasdaq-listed sportsbook marketing and entertainment technology firm, has expanded its cryptocurrency holdings by purchasing nearly $49 million worth of Ether (ETH) in a single transaction on Sunday. This move is part of a broader crypto treasury strategy led by the company’s new chairman, Joseph Lubin. Lubin, a co-founder of Ethereum and founder of ConsenSys, is steering the firm’s shift towards digital assets.

These transactions mark a significant strategic pivot for SharpLink Gaming, which was previously a sports and betting marketing platform. In May 2025, the company announced a new focus on cryptocurrency assets following a substantial $425 million private placement. This rapid accumulation of Ethereum aligns with their newfound crypto-centric corporate direction.

Ethereum Foundation’s Role in Recent Purchase

The Ethereum Foundation played a crucial role as a direct counterpart in the recent transaction. The Foundation sold 10,000 ETH to SharpLink Gaming via an over-the-counter (OTC) deal. The sale was finalized at an average price of $2,572.37 per Ether. This transaction highlights the Foundation’s strategy of leveraging its crypto assets to stimulate protocol research and development.

According to the Ethereum Foundation’s official Twitter account, the proceeds from the sale are dedicated to supporting protocol R&D, ecosystem maintenance, and community grants. Such strategic sales by the Foundation are part of its long-term approach to support the Ethereum network’s evolution.

Market Implications of SharpLink’s Accumulation

With this significant accumulation, SharpLink Gaming now holds more than 270,000 ETH, valued at approximately $648 million. This positions the company as the largest public holder of Ethereum next to the Ethereum Foundation itself. As part of the broader crypto treasury initiative, SharpLink has made several substantial Ethereum purchases over consecutive days, including $63.7 million the previous Friday and over $44 million and $20 million in separate weekend buys.

On-chain analytics provided by Arkham Intelligence indicate that these purchases have contributed to the recent rebound in Ethereum’s price. The large flows from Galaxy Digital OTC and Coinbase Prime to SharpLink wallets underscore growing institutional interest in decentralized finance, staking, and blockchain-native yield strategies.

Historical Context and Comparison

This acquisition represents the largest known accumulation of ETH by a public company since the Ethereum Foundation began its sales program years ago. Historically, corporate crypto accumulations, such as MicroStrategy’s with Bitcoin, have drawn increased attention and activity within mainstream and institutional markets. However, none have matched this scale specifically for Ethereum, highlighting a potential shift in institutional behavior towards Ethereum.

Despite the significant scale of this purchase, no regulatory or institutional responses have been publicized by entities such as the SEC, CFTC, or ESMA. This could suggest a hands-off regulatory approach, at least for the moment, in response to SharpLink’s aggressive ETH strategy.